Integrated Silicon Breaks Merger Deal To Take a Higher Bid From Uphill, Again

Shares of Integrated Silicon Solution Inc. surged 4.8% in premarket trade Thursday, after the semiconductor maker agreed to accept Uphill Investment's increased buyout bid of $21 a share. Integrated Silicon (ISSI) had agreed to be acquired by Uphill on May 29 for $20 a share, since that trumped the $19.75-a-share unsolicited buyout bid it received from Cypress Semiconductor earlier that month. On Wednesday, ISSI said it had agreed to be acquired by Cypress for $20.25 a share, before breaking that agreement to enter into a deal with Uphill on Thursday for the increased bid of $21 a share. Cypress had originally agreed to be acquired by a consortium of Chinese investors in March for $19.25 a share. Cypress's stock dropped 1.5% in premarket trade.